Winners Of The FactSet Top Idea Tournament: Best Large Cap via FactSet Insights
The FactSet Top Idea Tournament,is a full-year contest open exclusively to research professionals working at hedge funds, mutual funds, and private equity funds. Details of the tournament, including judges, prizes.
The most recent contest in the series focused on the theme of Best Large Cap
First Place
Travis Cocke
Voss Capital
Short on Royal Caribbean Cruises Ltd
See the pitch on CNBC or download the PDF.
Summary: RCL valuation is at an all time high. Investors value RCL on Px/Fwd EPS when it has neg. cumulative FCF since inception. Shares should trade below BV of invested capital even @ 10% ROIC.
Mr. Cocke is the Founder/Managing Partner of Voss Capital LLC and has more than seven years of direct public market investment experience.
Second Place
David Hanson
Hanson Wells Partners
Long on Hertz Global Holdings Inc
Summary: Leading rental car co (substantially higher margins & fleet efficiency vs. peer CAR) trading at 59% discount to IV ($34.50); Multiple near-term, reasonably-attainable catalysts to reach IV.
Prior to founding Hanson Wells Partners, David Hanson was a Vice President in Investment Banking at Deutsche Bank in New York.
Third Place
Joshua Soong
Deerwood Capital, LLC
Long on Investment AB Kinnevik (KINVB:SS)
Summary: Co-invest with Swedish value-oriented owner-operators with a 30-year record of 16%/yr returns while acquiring unique emerging market e-commerce and telecom businesses at a discount to NAV.
Joshua Soong, CFA, founded Deerwood Capital in early 2009 to provide a concentrated, non-leveraged, low-turnover alternative to the typical alternative investment.
